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Cinar Replaces Its Top Management,
Scrambles to Account for Some Funds

By

Christopher J. ChipelloStaff Reporter of The Wall Street Journal

Updated March 7, 2000 1:21 a.m. ET

MONTREAL -- Cinar Corp., a producer of award-winning children's television programs, stunned Canada's entertainment industry by replacing its top management and disclosing that it is scrambling to account for $122 million of funds invested without board approval.

The Montreal company, known in the U.S. for such shows as Public Broadcasting System's Emmy-winning "Arthur" animated series, said Chairman Micheline Charest and her husband, President Ronald Weinberg, resigned from those posts. The couple, who founded the...